Kuwait and China held a groundbreaking ceremony for a US$9 billion refinery and petrochemical complex

November 25/2011

(Arabian and oil gas) --
Kuwait and China held a groundbreaking ceremony for a US$9 billion refinery and
petrochemical complex in the southern Chinese city of Zhanjiang, with completion
scheduled for late 2014, Kuwait News agency reported. "The project is a major
pillar that helps spur investments, trade, and the oil industry between the two
countries," KUNA quoted Kuwaiti Consul General in Guangzhou Abdulwahab Al-Sager
as saying.

"At the ceremony, leaders across the province have expressed happiness in
realizing their dream to start this important project, which is vital in the
field of energy, and have also shown their interest in future cooperation with
Kuwait in other mutually-beneficial projects," the diplomat added.

Under the 50-50 joint venture between state-run Kuwait Petroleum
Corporation (KPC) and China's top refiner Sinopec, a 300,000 barrel-per-day
refinery, a 1 milliont/y ethylene plant, and related utilities will be built in
a petrochemical industrial park on Donghai Island of Zhanjiang in Guangdong
Province. Kuwait has pledged to supply all the crude feedstock for the
world-class integrated complex.

Perspectives of development of the polymers markets, pricing issues and
other important aspects will be discussed at The Polymers
Summit-2011, which will be held in Moscow on November 30, 2011 at the
Ritz Carlton Hotel. The Summit is organized by MRC with the support of ICIS. The
main idea of the Summit is to find a "the golden mean" between producers and
converters. When producers receive exactly such margin of production, which
helps them to invest in production expansion in order to substitute polymers
imports, and the converters receive such price of feedstock that helps them to
compete imported finished products. The Summit site gives an access to the live
video of the Summit, speakers" presentations, as well as opportunities to ask
questions or make appointments to any Summit partcipant.